First Solar Inc. (FSLR) Price Target Cut to $30.00

First Solar Inc. (NASDAQ:FSLR) had its target price reduced by equities researchers at Mizuho from $46.00 to $30.00 in a report issued on Thursday. The firm currently has a “neutral” rating on the solar cell manufacturer’s stock. Mizuho’s price target would suggest a potential downside of 8.59% from the company’s current price.

Other analysts also recently issued research reports about the company. Deutsche Bank AG reiterated a “hold” rating and issued a $44.00 price objective on shares of First Solar in a research report on Thursday, August 4th. Robert W. Baird reiterated an “outperform” rating and issued a $60.00 price objective on shares of First Solar in a research report on Thursday, August 4th. Vetr downgraded First Solar from a “strong-buy” rating to a “buy” rating and set a $54.99 price objective for the company. in a research report on Wednesday, August 3rd. Morgan Stanley set a $59.00 price objective on First Solar and gave the company a “hold” rating in a research report on Wednesday, August 3rd. Finally, Roth Capital reiterated a “buy” rating and issued a $55.00 price objective (down previously from $70.00) on shares of First Solar in a research report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $53.03.

First Solar (NASDAQ:FSLR) opened at 32.82 on Thursday. The company has a market capitalization of $3.41 billion, a PE ratio of 6.70 and a beta of 2.20. The company has a 50 day moving average price of $37.94 and a 200-day moving average price of $43.01. First Solar has a one year low of $30.85 and a one year high of $74.29.

First Solar (NASDAQ:FSLR) last released its earnings results on Wednesday, November 2nd. The solar cell manufacturer reported $1.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.48. The company earned $688 million during the quarter, compared to the consensus estimate of $980.48 million. First Solar had a return on equity of 9.58% and a net margin of 14.72%. First Solar’s quarterly revenue was down 45.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.41 EPS. Analysts expect that First Solar will post $4.42 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of FSLR. BOKF NA increased its position in First Solar by 3.8% in the second quarter. BOKF NA now owns 2,202 shares of the solar cell manufacturer’s stock valued at $106,000 after buying an additional 81 shares during the period. Cornerstone Advisors Inc. increased its position in First Solar by 2,220.9% in the third quarter. Cornerstone Advisors Inc. now owns 2,994 shares of the solar cell manufacturer’s stock valued at $118,000 after buying an additional 2,865 shares during the period. LS Investment Advisors LLC increased its position in First Solar by 21.7% in the third quarter. LS Investment Advisors LLC now owns 3,387 shares of the solar cell manufacturer’s stock valued at $134,000 after buying an additional 605 shares during the period. Virtus Investment Advisers Inc. bought a new position in First Solar during the third quarter valued at approximately $139,000. Finally, Signature Estate & Investment Advisors LLC bought a new position in First Solar during the second quarter valued at approximately $141,000. 57.01% of the stock is currently owned by hedge funds and other institutional investors.

About First Solar

First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.